Professional Indemnity insurance
Giving advice for a living can be perilous. You are only as good as your last client, and getting sued would be seriously damaging to both your reputation and personal financial wellbeing. That’s why complete confidence in your insurance is as important as confidence in your own abilities.
With Howden, you can be assured your policy has been worded by someone who truly understands your industry – and the complex risks you face.
What does a Professional Indemnity (PI) insurance policy cover?
Professional Indemnity insurance (PI) is there for you when you make a mistake for which you are sued or investigated or both.
PI supports you in two main areas:
- Covers costs associated with regulatory hearings, including defence costs
- Pays any damages or settlements
Contract overseas? No problem. Wherever in the world you work, our cover goes with you.
Automatic reinstatement of your limit of liability
If you need to make a claim, the amount you are awarded does not affect your limit of liability. Your maximum limit is available to you even after you have already made a claim.
Retroactive cover (excluding known circumstances)
You are covered for any work completed since the start of your Professional Indemnity Insurance - even if you have switched insurer.
Your claim will be handled by a sector specialist.
Here are some examples of claims support we offer clients, every day:
- Guidance on the notifying process and helping prepare the notification to insurers
- Assisting draft responses to claimants
- Overseeing legal cost management
- Ensure that insurers' reserving policies benefit you
- Attending mediations to defend our clients’ interests
- Challenge insurers’ coverage position statements (when needed - our skills in policy design make this increasingly rare)
- Expediting your payouts
Our PI policies can be extended to cover:
- Loss of documents or digital records
- Dishonest, fraudulent or malicious acts
- Breach of fiduciary duty
- Contractual liabilities
- Civil penalties
- Intellectual property (breach of confidentiality, plagiarism or breach of copyright, trademark or registered design or patent)
- Costs for representation at disciplinary or coronial enquiries
- Trustee liability